By Buying a new home is a big financial decision as it involves a significant investment. And although many lenders in India are willing to offer home loans at the most competitive interest rate, choosing the best offer is not an easy decision either. You must compare the different deals from various lenders and choose the one that best suits your specific needs.
Traditionally, if you wanted to avail of a home loan, you had to personally visit the lenders’ office, speak to the representative, and know about the different options available. However, the process has become much simpler; you can apply for a home loan online.
Today, most financial organizations offer online services and facilitate home loan applications online through their website or mobile application. However, many people are still apprehensive about applying for a home loan online. If you are not sure whether you should apply for a home loan online or think the traditional offline method is better, you should be aware of the difference between online and offline application modes.
Comparing online and offline home application
- Application process
Whether you choose the online or offline home loan application mode, the first step is filling the application form. However, applying for a home loan online is much easier. All you need to do is visit the lender’s website and fill the online form with relevant details. You then submit the form along with the necessary documents for verification.
The offline application process is quite similar to the online process, except it can be more tedious. In the offline application process, you must physically visit the lender’s office, fill the form, and submit physical copies of the various documents along with a cheque for paying the processing fee. This may be more time consuming compared to the online mode.
- Eligibility
When you apply for a home loan online, you can easily know about the maximum amount you can avail of by visiting the lender’s website and using online tools like the home loan eligibility calculator. It is an easy-to-use tool that lets you assess your eligibility instantly. The calculator also lets you know the exact EMI you must pay for the amount you borrow. In the online application journey, when you fill in the details, you get to know about your home loan eligibility instantly.
In contrast, when you apply for a home loan the traditional way, you must personally visit the lender’s office and have a detailed discussion with the loan officer. The officer will determine your eligibility based on your income, age, occupation, and other details. However, this process can be time-consuming. And, if you are looking to close the deal at the earliest, time is of the essence.
- Documentation
When you apply for a home loan online, you can know about the list of documents required by the lender and keep the soft copies of the same handy on your computer. And when you submit the form, you must attach the same to the portal or email the same to the lender. This means you don’t have to deal with paperwork. It is an entirely paperless process.
On the other hand, in the offline mode, you must physically carry copies of the documents to the lender’s office while submitting the application form. This means there is a risk of losing the documents during transit.
Final Word
Thus, from the above comparison, is it evident that the online application process holds an edge over the offline process. It is much more straightforward, hassle-free and allows you to make a more informed borrowing decision.
